Development program

A €268 million programme has been drawn up involving both the construction of new buildings on the Company’s land reserves and the complete overhaul of certain real estate blocks. The new developments (Rabatau, Rive Neuve, Block 34) have been granted the necessary permits (with the exception of Rive Neuve). In parallel, ANF is also completely overhauling certain real estate blocks (Dames, Block 25, Pavillon Vacon, TAT).

Rabatau, Marseilles

In this district adjoining Boulevard du Prado, ANF can build an office building with a total surface area of around 3,900 square metres, within a period of 13 months. Rental income is estimated to be around €0.6 million. As part of this project, ANF is applying the HQE (Haute Qualité Environnementale – High Environmental Quality) standard with a view to having the building certified.

Rive Neuve, Marseilles

The Rive Neuve project, located in the Vieux-Port district of Marseilles, is intended to renovate some 3,200 square metres of office space and retail premises (442 square metres of which already existed) with rental income of around €0.7 million. It is anticipated that this work will take 18 months from start to finish. As part of this project, ANF is applying the HQE standard with a view to having the building certified.

Block 34, Marseilles

Continuing its policy of actively investing in Marseilles, ANF will develop a programme consisting of around 26,000 square metres of residential units, office space, a hotel, a residence for the aged and retail premises (some of which may be sold off) on block 34, its land adjoining the new hospital. The official permits connected with this project have all been cleared and the future rental income is estimated to be €4.0 million.

Dames, Marseille

On Boulevard des Dames, ANF will restore a Haussmann-style block with 10,000 square metres of retail premises and residential units. The rental income is expected to be around €1.3 million, following 24 months of work.

Block 25 – Retail premises, residential units and office space, Marseilles

ANF merged a number of retail premises that are currently vacant and will redevelop them. This complex is located in the immediate vicinity of place de la Joliette and will be available following 12 months of work. ANF will also renovate the offices and residential areas. Rental income is estimated to be around €2.8 million.

Pavillon-Vacon, Marseilles

ANF is restructuring a central block with a surface area of about 10,000 square metres: optimising residential units and altering the ground floor layout so as to create retail premises in this sought- after area, close to rue Saint Ferréol. The final portion of the work will be completed in 2010. Rental income is estimated to be around €2.2 million.

TAT project, Lyons

Studies are underway with a view to restructuring a property complex of over 31,000 square metres. This could help increase the appeal of place de la République and attract new chain stores. This project also includes negotiations with Printemps, whose lease expired in 2006. At the request of the Lyons District Court, an expert report was drawn up with a view to setting a new rent applicable from the 2006 expiry, dated June 26, 2006. The Court should hand down its decision in Q3 2010. This project is expected to take 30 months and ultimately represents potential rental income of €7.0 million. The start date will depend on the outcome of the lawsuit with Printemps.

Desbief, Marseilles

As regards its plots, ANF has, together with a developer, looked at plans that fit the development of this area. This study has led to a solution that will see the merging of the Ambroise Paré and Paul Desbief hospitals to create a new hospital at the heart of Euroméditerranée. ANF supported this major initiative by exchanging in 2008 its land on which the new 45,000 square metre hospital complex will be built for the land currently occupied by the Desbief hospital, close to place de la Joliette. When the current site of the Desbief hospital is vacated, ANF will then develop a mixed use programme (office space, student housing, retail premises) of about 21,000 square metres of net floor space. The building permit for this project has already been granted and cleared. Following 30 months of work, rental income could amount to €5.3 million.